As part of the five-year agreement between the two, Dobbies will be able to use Ocado's technology and logistics network.

However, analysts are unconvinced the sharp share price rise was to do with the Dobbies deal. Independent retail analyst Nick Bubb said Ocado was "unlikely to get rich by selling gardening products online for Dobbies".

George Salmon, equity analyst at Hargreaves Lansdown said: "Ocado's technology is clearly outstanding, but in recent years its profits have been anything but.

"The group can point to double digit revenue growth and the fact that an ever-increasing number of us are using its service, but it's long been clear it needs to do more to justify its current lofty valuation. The company's future hangs on the possibility of signing lucrative deals with others for the use of its resources."